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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a comparison of financial reporting metrics to cast doubt on the target company's accounting practices.",
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      "text": "Lasertec’s purported lack of finished goods inventory and reporting methodology is highly abnormal and lacks credibility versus the five largest semicap equipment players, for whom finished goods has averaged 30% as a percent of total over the last 5 years versus 0% for Lasertec",
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      "text": "Grouped bar chart showing Finished Goods As Percent Of Total Inventory for peers (excluding Lasertec) from 2019-2023.",
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      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
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      "text": "Table comparing Finished Goods As Percent Of Total Inventory for ASML, Applied Materials, Lam Research, Tokyo Electron, KLA, and Lasertec from 2019-2023.",
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      "text": "Lasertec's purported lack of finished goods inventory and reporting methodology is highly abnormal and lacks credibility versus the five largest semicap equipment players, for whom finished goods has averaged 30% as a percent of total over the last 5 years versus 0% for Lasertec – each one breaks out inventory by raw materials, work-in-process, and finished goods; several include additional disclosure for allowances and progress payments.",
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